AMERICAS

摘要

An impressive rebound in recent weeks that has put US stocks into the black for the first time this year should spur some follow-on equity issuance early this week. However, the Easter break will interrupt ECM momentum later in the week. In view of the holiday, no IPOs are expected to launch, but investor demand for new issues remains doubtful anyway. Secondary/follow-on issuance is filling the void, though ECM activity is still lagging the broader equity market, which rose last week for the fifth week in a row to more than recover the year's losses. The holiday also means that many syndicate desks have in effect ruled out what has been a woeful first quarter, with new issue markets virtually closed and IPO volumes at their lowest level since the financial crisis. Only six IPOs - all healthcare or biotech - priced in the first quarter.